Matrix Multifamily Chicago Report-January 2024 January 29, 2024

Chicago Shows Resilience

Chicago’s multifamily fundamentals slowed through November 2023 in line with national trends, but it performed better than many markets. T3 rents decreased 0.3 percent, to $1,865, while development dropped by a relatively low 13.2%. Meanwhile, the workforce expanded by 1.6%, and occupancies rose 40 basis points in October.